Mining giant Glencore sets aside $1.5 bn for graft probes

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Glencore disclosed in 2018 that the US Justice Department had launched a corruption investigation linked to the group's business in Nigeria, Venezuela and the Democratic Republic of Congo.

A year later, the UK's Serious Fraud Office said it was investigating suspicions of bribery by the Glencore group of companies and staff.

"While Glencore cannot forecast with certainty the cost, extent, timing or terms of the outcomes of the investigations, the Company presently expects to resolve the US, UK and Brazilian investigations in 2022," it added. "In spite of the ongoing challenges of Covid-19, 2021 was an extraordinary year for Glencore," company chief executive Gary Nagle said in a statement.

 

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